Berkshire's Sokol Quits After Lubrizol Purchases

By

Erik Holm And

Serena Ng

Updated March 30, 2011 8:02 p.m. ET

David Sokol, long considered by outsiders to be the most likely candidate to succeed Warren Buffett, resigned from Berkshire Hathaway Inc. after purchasing shares of a company he suggested Mr. Buffett buy.

Mr. Buffett, Berkshire's chief executive and chairman, said in a statement Wednesday that Mr. Sokol had told him he owned shares in the chemical company, Lubrizol Corp., when they first discussed the deal in January. Mr. Buffett...